If you think market valuations of companies are sometimes wrong then implicitly there must be correct values for those companies. If only you could work them out out you would truly be in the money. You would, in the vernacular of value investors, be buying dollars for 40c.

But the intrinsic value of a company now, depends on what it does in the future. If it goes on to make a lot of money, it’s worth a lot now. If its future lies in the hands of the administrator it’s not worth much.